1 hour ago · Politics · 0 comments

In most big stories, there are one or two pieces of absolutely essential context that get reported in major outlets but which no one seems to pay much attention to.David Goldman reporting for CNN: Today, neighboring Cushing is the hub of America’s energy market. It literally provides the oil plumbing for the United States. It’s where America’s benchmark West Texas Intermediate oil is priced and warehoused. From there, it’s piped to refineries around the country. In normal times, Cushing stores around 40 million barrels of oil with capacity of up to 75 million. These are not normal times. Cushing’s current inventory is 21.6 million barrels, according to the US Energy Information Administration. That’s dangerously close to operational stress levels, the tipping point at which Cushing struggles to supply all of its customers with the oil they demand. When Cushing’s reserves get below 20 million, they effectively hit empty, scraping the bottom of the barrel of what is largely unusable…

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